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Conditional Waiver And Release Of Lien

Conditional Waiver And Release Of Lien Template for Pakistan

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Key Requirements PROMPT example:

Conditional Waiver And Release Of Lien

"I need a Conditional Waiver and Release of Lien for a multi-story commercial building project in Lahore, where we're releasing the lien in phases, with the next release tied to a progress payment of PKR 15 million due on March 15, 2025, and I need to ensure we maintain lien rights for future work phases."

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Document background
The Conditional Waiver And Release Of Lien is a crucial document in Pakistani construction and property development projects, used when a party holding a lien against a property agrees to release their claim subject to specific conditions being met. This document type is particularly important in scenarios where staged payments are involved or when final payment is pending. It provides security for both the lien holder, who maintains their rights until conditions are met, and the property owner, who receives assurance of lien release upon fulfilling the conditions. The document must comply with Pakistani property law, particularly the Transfer of Property Act 1882 and the Contract Act 1872, and typically includes detailed information about the property, the original claim, payment terms, and release conditions.
Suggested Sections

1. Parties: Identification of the Lien Holder/Claimant and the Property Owner/Contractor

2. Background: Context of the original contract, work performed, and circumstances leading to the lien

3. Definitions: Key terms used in the document including Property, Work, Contract, Payment Amount, and Effective Date

4. Property Description: Detailed legal description of the property subject to the lien

5. Original Claim Amount: Statement of the original lien amount and any accrued interest or charges

6. Conditional Release Terms: Specific conditions that must be met for the release to become effective, typically payment details

7. Payment Details: Specified amount to be paid, payment method, and timeline

8. Release Effect: Scope and extent of the release once conditions are met

9. Representations and Warranties: Statements confirming authority to release lien and other key assurances

10. Governing Law: Confirmation of Pakistani law governance and jurisdiction

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Partial Release Provisions: Used when the release covers only a portion of the original lien amount

2. Continuing Work Provisions: Required when work is ongoing and future liens may arise

3. Through-Date Provisions: Specifies the effective date range for the release when needed

4. Subordination Agreement: Used when the lien is being subordinated rather than fully released

5. Dispute Resolution: Optional alternative dispute resolution procedures

6. Retention Rights: Used when certain retention amounts are excluded from the release

Suggested Schedules

1. Schedule A - Property Description: Detailed legal description of the property including surveys and plans

2. Schedule B - Payment Details: Breakdown of payment amounts, including any installments or conditional payments

3. Schedule C - Original Contract: Copy or summary of the original contract under which the lien arose

4. Appendix 1 - Required Notices: Copies of any required statutory notices or filings

5. Appendix 2 - Proof of Claim: Documentation supporting the original lien claim

6. Appendix 3 - Authorization Documents: Corporate or agency authorizations for signatories

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Construction

Real Estate Development

Infrastructure

Commercial Property

Residential Property

Industrial Development

Engineering

Architecture

Property Management

Banking and Finance

Relevant Teams

Legal

Construction Management

Project Management

Finance

Real Estate

Procurement

Risk Management

Commercial Operations

Contract Administration

Property Development

Relevant Roles

Construction Manager

Project Director

Legal Counsel

Contract Administrator

Property Developer

Real Estate Manager

Finance Director

Claims Manager

Site Supervisor

Procurement Manager

Risk Manager

Commercial Director

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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